Singapore: Market for Air Conditioning Machines For Motor Vehicles 2024

Market Size for Air Conditioning Machines For Motor Vehicles in Singapore

The Singaporean market for air conditioning machines for motor vehicles fell to $X in 2022, stabilizing at the previous year. Over the period under review, consumption, however, continues to indicate a prominent expansion. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Production of Air Conditioning Machines For Motor Vehicles in Singapore

In value terms, motor vehicle air conditioning machine production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, enjoyed a buoyant increase. The pace of growth was the most pronounced in 2016 when the production volume increased by 145% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Exports of Air Conditioning Machines For Motor Vehicles

Exports from Singapore

In 2022, shipments abroad of air conditioning machines for motor vehicles decreased by -20.7% to X units, falling for the fourth year in a row after two years of growth. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 220%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, motor vehicle air conditioning machine exports fell remarkably to $X in 2022. In general, exports continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2018 with an increase of 228% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X units) was the main destination for motor vehicle air conditioning machine exports from Singapore, accounting for a 50% share of total exports. Moreover, motor vehicle air conditioning machine exports to Malaysia exceeded the volume sent to the second major destination, Thailand (X units), threefold. Indonesia (X units) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+15.4% per year) and Indonesia (+0.3% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for air conditioning machines for motor vehicles exports from Singapore, comprising 50% of total exports. The second position in the ranking was held by Thailand ($X), with a 16% share of total exports. It was followed by Indonesia, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia stood at +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+14.6% per year) and Indonesia (-0.4% per year).

Export Prices by Country

In 2022, the average export price for air conditioning machines for motor vehicles amounted to $X per unit, flattening at the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 12%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per unit) and Thailand ($X per unit), while the average price for exports to Maldives ($X per unit) and Bangladesh ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+1.1%), while the prices for the other major destinations experienced a decline.

Imports of Air Conditioning Machines For Motor Vehicles

Imports into Singapore

In 2022, approx. X units of air conditioning machines for motor vehicles were imported into Singapore; which is down by -5.8% against the previous year. Overall, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 190% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, motor vehicle air conditioning machine imports skyrocketed to $X in 2022. In general, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 189% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X units), India (X units) and the United Arab Emirates (X units) were the main suppliers of motor vehicle air conditioning machine imports to Singapore, together accounting for 71% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +143.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and the United States ($X) constituted the largest motor vehicle air conditioning machine suppliers to Singapore, together comprising 72% of total imports.

India, with a CAGR of +163.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for air conditioning machines for motor vehicles stood at $X per unit in 2022, rising by 31% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per unit) and the United States ($X per unit), while the price for the United Arab Emirates ($X per unit) and Italy ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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